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What is Hive (HIVE)? | Things to Know | Blockchain & Crypto

What is Hive.io? Simply explained
Jordan
Major
Updated: 26 Nov, 2021
14 mins read

In this guide, we will examine Hive.io, the first blockchain for Web3 with a social network emphasis and a built-in design that makes it simple for social media users to create community tokens without any further development. We will analyze the long-term applications of its protocols, wallet, native cryptocurrency token, and its future adoption potential.

Introduction

Hive was founded on March 20, 2020, by a vast community of decentralization proponents who were concerned that public blockchains were falling into the hands of corporations and decided to take action to protect their cause. 

The platform is a decentralized network for exchanging and storing digital information that also includes a blockchain-based financial ledger built on the Delegated Proof-of-Stake (DPoS). To put it simply, Hive is a social network of applications and services that allows you to connect, share, and discover with blockchain technology at the heart of this project.

Hive serves as a blockchain for dapps, as blogging experiences, sharing videos, live streams, audio, and photos are given ownership back to the creators. Hive does this through equitable redistribution of value generated to the individuals who developed the content; on the blockchain, the users are the actual proprietors of this decentralized network.

Moreover, Hive’s peer-to-peer (P2P) network allows sponsors and marketers to connect directly with the artists, communities, and fan bases they support without the need for intermediaries. This is one of Hive’s many proven use cases.

Finally, created as a public fork of the centralized Steem blockchain, Hive developed a unique, future-minded decentralized blockchain and ecosystem designed to scale with universal adoption of the cryptocurrencies and platforms in mind.


Why do people use Hive?

Hive is growing in use cases since it provides a simple gateway into the cryptocurrency space for both developers and users, making it simpler to utilize and build decentralized applications.

Since Hive transactions are fee-less and quick, users may develop dapps without the need to pay hefty fees in crypto or deal with complicated gas calculations, which are the two most significant impediments to enterprises joining the blockchain space.

As it combines lightning-fast processing speeds and fee-free transactions, you may develop and launch your dapp with the capability of handling a large number of transactions while incurring no expenses. Therefore, Hive is well-positioned to become one of the most extensively utilized Web3 blockchains in the world.

Built for Web3. Source: Hive.io

The following are some of the additional advantages and features when using the network:

  • The network is built to store enormous amounts of data and make it accessible to users via time-based monetization. Social media dapps with financial incentives for content producers, interactive play to earn games, identity management, polling systems, and micro-loans are just a few examples of applications.
  • The Hive platform enables users to publish original articles that are immutably preserved on the Hive blockchain. Users that upvote content award creators with Hive tokens (HIVE). The rewards are dependent on the decentralized evaluation of the content by its readers and curators over a 7-day voting window.
  • A plethora of dapps, APIs, and front-ends contribute to the widespread and transparent accessibility of data, transactions, and records. This current variety and utility guarantees that the ecosystem invites content producers, users, investors, and developers. 
  • Each username on the network is formulated from user-selected alphanumeric characters and has its advanced wallet with unique security features. This enables each community member to have full control of their finances on Hive.
  • Hive is the world’s first massively scalable delegated proof-of-stake blockchain that is entirely decentralized and user-controlled. 

Hive has been used in hundreds of applications, groups, and projects all across the globe over the years. 

Finally, its native cryptocurrency is listed on top exchanges for secure transactions such as Binance, Gate.io, Bithumb, and Huobi Global, to name but a few.

Watch the video: Introduction to Hive blockchain

Hive core features and applications

Hive currency

There are two native tokens on the Hive network: HIVE and a native stablecoin, Hive-Backed Dollars (HBD). A simple internet connection is all that is needed to transfer or receive Hive tokens within a matter of seconds without incurring any transaction fees. 

HIVE

Hive (HIVE) token is a cryptocurrency that powers the open-source social media blockchain. Additionally, the token is not constrained by lengthy wait times or prohibitively high transaction fees, as is the situation with other cryptocurrency transactions. When you buy or sell tokens on the market, you won’t have to worry about any transaction expenses.

The HIVE token is the platform’s primary form of liquid currency. There are a variety of ways to exchange or transfer HIVE, including trading for Hive Dollars.

Hive Backed Dollars 

In comparison, Hive-Backed Dollars is a stablecoin used on the blockchain since HBD is “backed” by the network’s ability to convert them into $1 “USD” worth of HIVE. In order to maintain the health of the Hive economy, there are restrictions on the creation of HBDs within the blockchain rules. For instance, HBD market capitalization must be below 10% of the HIVE market cap.

Hive Backed Dollars (HBD). Source: Hive.ausbit.dev

In addition to trading with HIVE, Hive Dollars may be transferred to other accounts for use in commerce or exchange. Alternatively, users may convert Hive Dollars into HIVE.

Hive Ecosystem

The Hive community has contributed to over 126 dapps and projects, which have been “BUIDL’d.” You may find them all on the website HiveProjects.io.

The following is a list of the type of applications and communities that make use of Hive:

By the same token, Hive is used by thousands of individuals across a wide range of dApps daily, including:

Hive dApps. Source: Hive.io

Builders and contributors

The decentralized project has hundreds of people regularly contributing to the Hive ecosystem, including core and frontend developers, marketing, operations, and block producers.

Our builders. Source: Hive.io

Note: Individuals who want to make contributions toward the direction of the blockchain are encouraged to participate.

As mentioned, it is scalable, so its resource bandwidth and storage systems are future-proof with the network built for Web3, transactions are lightning-fast, taking 3 seconds to complete.

Hive’s aim in its Whitepaper is to be the blockchain solution for businesses and enterprises of all sizes. With its blockchain technology, the network’s goal is to provide the foundation upon which anybody may develop their own applications. 

In comparison, creators on centralized social media platforms face a number of challenges, including the fact that they do not own or control their work. On a centralized social network, creators are always in danger of:

  • Being de-platformed;
  • Demonetized;
  • Having their reach and profits significantly affected by changes in discovery algorithms;
  • Handing up their time and personal data without receiving anything in return.

Conversely, Hive provides an alternative option since it is an open and secure public database for digital material that any one organization does not hold. In comparison, it is the users who have personal ownership and control over their own accounts.

Moreover, instead of large, unintelligible strings of letters and numbers, they may create customizable, human-readable names for their accounts. As a result, content producers are able to clearly demonstrate ownership of their work, construct an identity or a brand, escape the danger of censorship, and profit from the value they help generate online.

Hive Wallets

The door to an entire ecosystem of blockchain-based opportunities opens up through a Hive wallet address, including a thriving social network, expanding potential clientele, and other innovative features.

Unlike other blockchains, Hive’s wallet addresses are simple words like your name, pet’s name, or favorite character from a film. In addition to being a cheap and straightforward method to transfer tokens, your wallet address is also used as a social media account on many social media applications and as an account name in several Hive-based apps.

For interacting with Web3 applications as well as keeping your cryptocurrency safe, wallets are essential tools. For Windows, macOS, Linux, iOS, Android, and Web, Hive offers numerous open-source and community-owned wallets available.

There are presently eight wallets available, which includes the native wallet that comes with the Hive account; these include:

Choose your wallet. Source: Hive.io

HiveWallet

Users of the HiveWallet on the blockchain may benefit from the rapid confirmation speeds (on average, 1.5 seconds) provided by the Hive chain, which is a fast, safe, and open-source wallet. 

The app’s user interface is straightforward, and it has a quick QR Scanner as well as Biometry integration. The HiveWallet app is designed specifically for users of the Hive blockchain technology.

HiveWallet. Source: Hive.io

The secure mobile wallet app enables users to undertake blockchain-based operations, including:

  • The ability to monitor several Hive accounts;
  • Receive by displaying a QR code or share QR codes quickly and easily;
  • Use the built-in QR code scanner for scanning other accounts and instantly importing keys;
  • With biometric authentication, you can sign and transfer transactions. The program allows you to import keys into an encrypted wallet. The program prompts you to choose a secure password and creates a unique initialization vector for each wallet;
  • Alternatively, you may keep the passcode on your device’s native keychain and unlock it using biometry if your device supports this.
HiveWallet App screenshots. Source: Hive.io

In terms of safety, the wallet features AES 256 encryption and per device & per (re-)install unique initialization vector. Additionally, the software requires you to choose a tough password to guess to encrypt your wallet file. 

It is possible to keep the passphrase in your device’s native keychain if your device supports biometric access (Touch ID, Face ID, Fingerprint), and you have that functionality activated on your phone or tablet.

The wallet is available for download through the Apple App Store and the Google Play Store.

The Decentralized Hive Fund

Contributors make it possible for Hive and its ecosystem to grow and evolve. The Decentralised Hive Fund (DHF) is a DAO-like structure that is being used to intelligently fund vital activities, such as Core Development, in order to reward critical effort.

Decentralized Hive Fund. Source: Peakd

DHF is a decentralized autonomous on-chain system that lets users submit project ideas for funding and vote on whether or not to finance them. It is a permissionless development model in which a portion of the funds and future tokens airdropped are put aside for the project’s growth through community management.

Hive support 

For guidance and support, someone in the community will be able to assist you. Join the Hive Discord or Telegram here to discuss your ideas. You can also follow Hive on Twitter at @hiveblocks.

Security

Hive offers built-in protection against user account compromise through its tiered key system. If a user loses or accidentally reveals their Private Posting Key they are able to regenerate their keys.

Unfortunately, a degree of user responsibility is required as with any blockchain as all transactions have the element of finality associated with them. Individuals who have their accounts compromised because they somehow revealed their keys are still able to act and regain control through a time-sensitive ‘recovery’ procedure under a specific set of conditions.

How to open Hive account (step-by-step) 

The decentralized platform that runs a wide range of applications is managed by community members from all across the globe. You may directly access the ecosystem if you have an account. 

The community offers a variety of account-creation options, each with varying degrees of privacy and ease of use. However, Keep in mind that Hive does not include a password reset option, so you must keep your keys in a secure location.

Hive usernames/addresses are simple to remember (3 to 16 characters). They must be established through another Hive account in exchange for either liquid HIVE or Resource Credits acquired from staking HIVE. 

Certain providers provide free accounts that need phone/email authentication to prevent misuse, while others charge a nominal price but do not require verification. For experienced users, if you already have a staked HIVE account, you may establish more accounts manually, for example, using this tool.

If not, then you can follow the step-by-step guide:

Step 1: Select [Join] in the top right-hand corner of the Hive.io homepage.

Hive homepage. Source: Hive.io

Step 2: Following that, you will be presented with a list of Hive blockchain registration providers. For the sake of this review, we will register with ‘Ecency.’

Registration providers. Source: Hive.io

Step 3: After selecting Ecency, you will need to pick a username to use across all the Hive apps and wallets. Here you will enter your email.

Welcome to Ecency. Source: Ecency

Step 4: After selecting a Username and a confirmation email will be sent to your inbox.

Sent email signup. Source: Ecency

Step 5: Upon clicking the click in the confirmation email, your account will be successfully created.

Your account has been successfully created. Source: gmail.com

Step 6: Now, with your username and password, which you must store safely, you can sign into the decentralized social media account built on the Hive network.

Ecency wallet dashboard. Source: Ecency

Hive Pros and Cons

Pros

  • Free transactions;
  • three-second block times;
  • Highly scalable;
  • Personalized names for accounts/wallets;
  • Social networking, gaming, and publishing incentive system;
  • Connect directly with artists or creators without intermediaries;
  • One account can be used across multiple apps.

Cons 

  • Hive does not let you reset your account, so it is crucial to make sure your keys and password are secure.

Final thoughts

Overall, the Hive is a network created by individuals who are enthusiastic about what they do and understand the value they provide to the world. Furthermore, during the last five years, Hive has been used in hundreds of applications, groups, and projects worldwide, demonstrating its versatility. 

Hive is the world’s first massively scalable proof-of-stake blockchain that is completely decentralized and user-controlled. Combining lightning-fast processing rates with fee-free transactions, you may use your app to complete a huge number of transactions without incurring any fees. To facilitate secure transactions, Hives’ native cryptocurrency is listed on prominent exchanges. 

Moreover, Hive is well-positioned to become one of the most widely used Web3 blockchains in the world in the near future. The platform serves as a doorway into the cryptocurrency space for both developers and users, making it easier to use and build on decentralized applications in general.

Finally, Hive is the first blockchain designed specifically for Web3, with a built-in design that makes it simple for social media users to create community tokens. 


FAQs about Hive.io

What is Hive.io?

Built on the DPoS protocol, Hive is an innovative and cutting-edge decentralized blockchain and ecosystem. Due to the general broad usage of the money and platforms, the blockchain’s performance is built to scale as well. 

Does Hive have its own wallet?

Yes, ​​a variety of open-source and community-owned wallets are available for Windows, macOS, Linux, and iOS/Android users to store their cryptocurrency and interact with Web3 applications. 

What is the process for obtaining HIVE?

The HIVE coin can be purchased on a number of prominent cryptocurrency exchanges, including Huobi Global, Binance, Bithumb, and WazirX, as well as other exchanges.

What is HIVE cryptocurrency?

HIVE coin is a cryptocurrency that is used to power a social networking blockchain that is open source. The unrestricted trading of HIVE means that it is not bound by long wait times or expensive transaction fees, as is the case with other cryptocurrencies. When you purchase or sell coins on the market, there are no transaction costs to worry about.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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